Earlier this month, Las Vegas Developer, Brett Torino, entered into an agreement with MGM Resorts International to purchase two acres of land on the Las Vegas strip. The transaction is worth $80 million and will see the land developed to provide tourists and residents with more retail stores and restaurants in the location. This marks the addition of yet another proposed project for the resort corridor.
Executives from the New York-based group, flag Luxury, and Brett Torino have agreed to purchase two acres of land at CityCentre for the hefty price of $80 million. The land currently belongs to MGM Resorts International, one of the biggest gaming and hospitality names in the US today. The duo intends to develop a complex that will house restaurants and retail stores at the site. The small section of land can be found at the southwest corner of Harmon Avenue and the Strip, close to The Shops at Crystals Mall. Among the shops already in the mall are big retail attractions such as Gucci, Cartier and even Dior. Location is also just south of the Las Vegas Cosmopolitan, making it a convenient stop for many consumers. This agreement is not the first that has seen the Flag Luxury Group and Torino working together. In 2012, the group and Torino worked on a retail project on the other side of the strip. This development has been dubbed the Hawaiian Marketplace and includes many unique theme-appropriate experiences such as a daiquiri bar, a Walgreens, a body art or tattoo store and much more.
The land which was purchased from MGM Resorts International is where the Harmon hotel tower once stood. As a result of structural flaws, the development was dismantled to the dismay of many residents who had grown up in the area. According to sources, before the area was known for its luxurious shopping experience, the Tower of Pizza was situated in this region of the city. Decades ago, the Italian-owned bar and restaurant was a prominent feature in the 1960s and 1970s and was very popular among underworld figures, Vegas locals and even celebrities. A former employee of the Tower of Pizza and seasoned oddsmaker, Mr Scott Schettler, shared that customers would dial the restaurant up, place a sports wager and their food order all at once. Schettler has even gone so far as to write a book called, We Were Wiseguys and Didn’t Know it, outlining what Vegas life was like during this time and his escapades.
While the idea behind this development is not considered to be original or groundbreaking by any stretch of the imagination, the closing of this deal should bring more attention than it’s probably going to get. The sale of this new project is expected to close in June 2021. Once construction on the land begins, the new venue will form part of what is considered to be a revival of the Vegas Strip. A Florida-based development company, called Arquitectonica, has been tasked with coming up with a design that blends perfectly with CityCentre’s charms and appearance. However, just north of this site, Resorts World Las Vegas is scheduled to open in June with its massive capacity of 3,5000 rooms. This huge establishment will be available to the public from the 24th of June and can be found where the Stardust Casino was once situated but has since been demolished.
The Resorts World project is one of the most expensive developments on the strip, costing around $4,3 billion. This eclipses the expense of the Cosmopolitan project, which cost around $4,1 billion. In addition to this, Resorts World will be the first venue to be constructed on the Strip since 2010, when the Cosmopolitan opened its doors. While the anticipation of the limited-smoking venue, Resorts World, is something many are looking forward to, it is not the only big thing happening in the region.
Jackie Robinson, a Las Vegas developer and former NBA athlete, has shared his plans to build an entertainment complex and hotel, without any gaming facilities. The venue will be around 27 acres of unoccupied land south of Las Vegas Sahara. Robinsons’ proposal has also called for a sports arena that can seat around 22,000 people in hopes that Southern Nevada will be a more attractive prospect for an NBA team.